Economic Policy
Will represented the Senior Party during the Economic Summit on Thursday, February 19th. Will explained how the Senior Party plans on implementing a fiscal policy. The Senior Party intends on cutting military spending and increasing taxes on the wealthy. They want to lower the nations debt and create more jobs by investing in infrastructure.
Will explained how the United States Government spends more money on the military than all of the other countries combined. By reducing the military spending by 5 percent they plan to save the United States 40 billion dollars.
The Senior Party plans on increasing taxes on the wealthy in order to increase the tax revenue and decrease the deficit. The wealthy will have to pay 15 percent on capital gains. By closing the loopholes for the wealthy they plan on gaining 100 billion dollars a year. They also plan on maintaining the current amount of spending for education and lowering health care costs for all. Will says that lowering the cost of health care will increase the amount of spending.
The Senior Party wants to invest more money on infrastructure in order to create more jobs. By increasing jobs there will be more tax revenue income and more discretionary spending. The new jobs will come from fixing bridges, improving roads and transportation, and other infrastructure that needs help.
Will explained how the Senior Party plans on investing in job training, the development/research for renewable energy and increasing capital gains tax to 25 percent.
While the Senior Party has some good plans like increasing jobs and improving transportation services, their larger more complex plans do not seem to fit together. For example, they plan on closing all of the loopholes for taxpayers gaining 100 billion dollars a year, but they did not explain how they planned on doing this. The plan that the Senior Party has laid out strives to decrease the national debt by increasing the taxes and creating more jobs, but they don't plan on raising the income tax, which may cause the debt to grow. The Senior Party has a good outline of a plan but they need to refine it and figure out the problem areas.
Will explained how the United States Government spends more money on the military than all of the other countries combined. By reducing the military spending by 5 percent they plan to save the United States 40 billion dollars.
The Senior Party plans on increasing taxes on the wealthy in order to increase the tax revenue and decrease the deficit. The wealthy will have to pay 15 percent on capital gains. By closing the loopholes for the wealthy they plan on gaining 100 billion dollars a year. They also plan on maintaining the current amount of spending for education and lowering health care costs for all. Will says that lowering the cost of health care will increase the amount of spending.
The Senior Party wants to invest more money on infrastructure in order to create more jobs. By increasing jobs there will be more tax revenue income and more discretionary spending. The new jobs will come from fixing bridges, improving roads and transportation, and other infrastructure that needs help.
Will explained how the Senior Party plans on investing in job training, the development/research for renewable energy and increasing capital gains tax to 25 percent.
While the Senior Party has some good plans like increasing jobs and improving transportation services, their larger more complex plans do not seem to fit together. For example, they plan on closing all of the loopholes for taxpayers gaining 100 billion dollars a year, but they did not explain how they planned on doing this. The plan that the Senior Party has laid out strives to decrease the national debt by increasing the taxes and creating more jobs, but they don't plan on raising the income tax, which may cause the debt to grow. The Senior Party has a good outline of a plan but they need to refine it and figure out the problem areas.
By Rachel